News

Denmark’s financial regulator Thursday ordered the country’s largest lender, Danske Bank, to improve corporate governance processes after determining that senior executives repeatedly disregarded suspicions of large-scale money laundering operations at its branch in Estonia. In a 19-page memorandum, the Danish Financial Supervisory, or FSA, directed Danske Bank to overhaul its anti-money laundering program after a regulatory investigation identified several violations, including "serious weaknesses" in internal supervision that enabled clients "to use the branch for criminal activities involving vast amounts." "Significant deficiencies" permeated through all levels of the Estonian branch’s AML program, according to the FSA. Perhaps most notably, the regulator...